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eXp World (EXPI) investor relations material

eXp World Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 revenue grew 6.9%–7% year-over-year to $1.32 billion, driven by improved agent productivity, higher sales volume, and strong international expansion, despite a 2% year-over-year decline in agent count; sequential agent growth returned for the second consecutive quarter.

  • Net income from continuing operations was $3.5 million, reversing a prior-year loss, while adjusted EBITDA was $17.7 million, down 26% year-over-year due to margin pressures and higher operating costs.

  • International segment revenue surpassed $100 million YTD, with 68%–74% year-over-year growth and expansion into five new countries; agent productivity and retention improved.

  • Focused on operational efficiency, AI-driven automation, and technology investment, resulting in reduced G&A expenses and improved unit economics.

  • Returned $24.1 million to shareholders in Q3 2025 via $16.4 million in stock repurchases and $7.7 million in dividends.

Financial highlights

  • Q3 2025 revenue: $1.32 billion (up 6.9%–7% year-over-year); real estate sales volume: $54.1 billion (up 7%); sales transactions: 121,500–121,516 (up 3%).

  • GAAP gross margin: 6.5% (down 57 bps year-over-year); non-GAAP gross margin: 10.9%.

  • Adjusted EBITDA: $17.7 million (down 26% year-over-year); adjusted EBITDA margin: 1.3%.

  • Net income: $3.5 million, or $0.02 per diluted share.

  • Cash and cash equivalents at quarter-end: $112.8 million.

Outlook and guidance

  • No specific forward guidance provided; management remains focused on operational efficiency, technology innovation, international expansion, and agent support.

  • Targeting 50,000 international agents in 50 countries by 2030.

  • Board declared a Q4 2025 dividend of $0.05 per share, payable December 1, 2025.

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Frequently asked questions

eXp World Holdings, Inc., engages in the provision of cloud-based real estate brokerage services. The Company offers a cloud-based real estate platform called eXp Realty. The Company provides other services to its agents and customers, such as virtual office, real estate websites, and virtual tour tools. It is also the parent company of VirBELA, which offers cloud campus software solutions to support business and learning needs.

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